The award was created in honor of Wall Street Journal reporter Daniel Pearl, who was slain in 2002. Past ICIJ award winners have reported about abuses faced by immigrants in American workplaces and the involvement of Sweden in the CIA secret renditions program.

The competition is open to journalists of any kind of media who have reported in at least two countries on a topic of world significance. Two US$5,000 first-place prizes will be awarded, one to a U.S.-based journalist or news outlet and one to a non-U.S.-based reporter or outlet. Five finalists will receive US$1,000. In addition, the judges at their discretion may award a special citation for work that is unusually enterprising or done under especially challenging circumstances.